Crypto, crypto projects lose $1 billion in venture capital activity since 2020

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Crypto, crypto projects lose $1 billion in venture capital activity since 2020

Between the second and third quarters of 2023, venture funding activity in DeFi and crypto projects fell 33%. Last month's deal activity marked the worst September since 2020.

Crypto companies and DeFi projects have closed their worst quarter of 2020, with the industry securing just north of $1 billion in venture capital across 144 deals between July and September, according to data from DeFiLama.

The second quarter of 2023 saw 228 projects increase their coffers from a combined $2 billion and 33% from the $1.5 billion bagged by 171 blockchain-based ventures.

Investors haven't injected this little capital since the third quarter of 2020, when the industry raised a little over $924 million, according to DeFiLama data.

BitGo's biggest deal of the year came in August, when it secured $100 million in a Series C round at a valuation of $1.75 billion.

Other notable deals include Flashbots' Series B of $60 million and Futureverse's $54 million Series A round, both of which occurred in July.

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Tom Carreras, a markets reporter at DL News, is a market monitor. As a London-based Markets Correspondent, Adam Morgan McCarthy is the Editor-in-Chief of DL News.